Today, the forex market is a blend of careful optimism and rising anticipation as investors process recent economic reports and prepare for important events later this week. The trading activity today offers valuable insights into the state of the economy.
KEY INDICATORS
1. Crude Oil Inventories:
West Texas Intermediate crude futures were flat at USD 76.61 a barrel by 20:48 ET (00:48 GMT), while Brent oil futures expiring in October steadied at USD 77.21 a barrel.
2. FOMC Meetings Minutes:
Minutes of the Federal Open Market Committee (FOMC) is usually published three weeks after the day of the policy decision. Investors look for clues regarding the policy outlook in this publication.
A bullish tone is likely to provide a boost to the greenback while a dovish stance is seen as USD-negative.
It needs to be noted that the market reaction to FOMC Minutes could be delayed as news outlets don’t have access to the publication before the release.
MARKET MOVERS
USD / JPY
Dow Jones Index (DJ30)
XAUUSD
TODAY’S NEWS HEADLINES
Gold prices hit record highs above USD 2,500 as rate cut hopes grow
Spot gold rose 0.1% to USD 2,515.44 an ounce,
Gold futures expiring in December rose 0.1% to USD 2,553.35 an ounce by 00:51 ET (04:51 GMT). Spot prices hit a record high of USD 2,531.72 an ounce on Tuesday.
Platinum futures fell 0.1% to USD 956.25 an ounce.
